In October of the current year, average new house prices in 100 major cities in China amounted to RMB 16,195/square meter ($2,256/sq.m.), up 0.07 percent month on month, while down 0.02 percent year on year, as announced by CIA, the largest independent property research organization in China.
Meanwhile, in October, the average second-hand house prices in the 100 major Chinese cities amounted to RMB 15,486/square meter ($2,157/sq.m.), down 0.45 percent month on month, 0.01 percentage point faster than the decline recorded in September, while down 2.88 percent year on year, 0.29 percentage points faster than the year-on-year decline recorded in the previous month.
As of October 31 this year, 60 stimulus policies have been issued in 49 cities in China, though policies have been issued to optimize purchasing restrictions in the first-tier cities, including Shanghai, Beijing and Guangzhou. The real estate sector in some cities has indicated a bottoming-up trend. It is thought that China’s real estate industry may see a rebounding trend in the near future amid further stimulus policies.